Wallbox, a provider of smart electric vehicle (EV) charging and energy management solutions, announced that it had received a $45-million investment that includes $35 million from lead investor, Generac Power Systems. The strategic investment reinforces the partnership with Generac and highlights Wallbox’s position in the market.
This investment strengthens Wallbox’s balance sheet and provides capital to accelerate the company’s ability to manufacture and sell more EV chargers throughout the world, particularly in the North American market. The partnership with Generac further enhances this strategy given their 8,000-plus authorized installers and ability to integrate with other Generac energy management systems.
This is the second minority investment Generac has made in Wallbox, and aligns with the companies’ commercial relationship, announced December last year along with the recent addition of Paolo Campinoti, executive VP at Generac International to the Wallbox board of directors. Aside from Generac, the investment includes additional funding from a number of long-standing shareholders.